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Should you E-file this year? Pros and cons

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in Small Business Tax,Small Business Tax Deduction Strategies

If you’ve been filing paper tax returns for years or you simply let your accountant handle the whole thing, preparing and filing your return online this year may intrigue you.

Should you do it? The IRS says 73 million taxpayers filed electronically in 2005.

Our advice: While do-it-yourself online filing offers some obvious advantages, it’s not for everyone.

Here’s why: Business owners with complex returns may need more hands-on tax planning advice than tax software can offer. A good tax adviser should find enough hidden tax breaks to more than pay for his or her fee.

On the other hand, those with enough gumption and tax smarts may have the conviction to go it alone.

Starting point: Go directly to the IRS Web site at www.irs.gov. Then click on the E-file icon on the left side. The page offers options to individuals, small business owners and nonprofit entities.

You don’t file directly from the IRS site. Ins...(register to read more)

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